Preliminary research of Fairfield Market Research indicates a promising growth outlook for global welding consumables market during the course of next few years.
Expanding EV Industry, and Growing Integration of Welding Robots Uplift Welding Consumables Market
The welding consumables market is developing on account of the expanding usage of welding in numerous important end-use sectors, such as manufacturing, marine, automotive, oil and gas, and many others. Because they offer a precise and secure means to join two metal pieces, welding consumables are becoming increasingly popular across many sectors. Additionally, the demand for welding consumables has increased due to the booming sector for electric vehicles (EVs), and the automotive industry. Welding robot demand is also boosting market growth. Robotic welding is wonderful because it can reduce various safety issues while being efficient and precise. As a result, the manufacturing sector significantly demands welding robots. According to the International Federation of Robotics, there will be about 3.8 million operating robots under industrial robotics by 2021, an increase of over 80% from the current number. The market will rise high on the back of expanding need for welding automation technologies in fabrication.
However, the slow uptake of contemporary welding technology in developing nations, the environmental impact of welding consumables, and the sluggish growth of the shipbuilding and aerospace sectors are limiting market growth. The unpredictability of raw material prices further hampers the welding consumables market expansion. A significant increase in building and construction is also anticipated due to increasing government initiatives for infrastructure development and project restructuring in the residential and commercial sectors. For the growth of the market, this is a profitable potential.
Welding Consumables Market: COVID-19 Impact
The coronavirus pandemic significantly altered the dynamics of manufacturing and other industries, the labor market, and the global economy. The COVID-19 pandemic has impacted economies and companies in several countries due to lockdowns, travel restrictions, and business closures. The supply chains, technology events, and workplace closures were only a few of the significant upheavals that affected the manufacturing sectors. China's pandemic's epicentre and main industrial base have drastically slowed international business activities and severely disrupted regional and international value chains. The welding consumables market growth and expansion have also been hindered by the COVID-19-induced market collapse brought on by manufacturing closures, supply chain disruptions, and the global economic slump.
Welding Industry's Use of Smart Materials to Support Welding Consumables Market Growth
Smart materials that are both eco-friendly and energy-efficient are becoming more popular. The ability to mix two dissimilar metals without affecting their strength, corrosion resistance, or other performance attributes is made possible by advances in our understanding of how materials behave at the atomic level. The smart material also includes a built-in computer chip that tracks weld life and offers a multifunctional design. For instance, NiTi shape memory welding and joining also promote flexibility in intelligently designing multifunctional systems. Additionally, using such materials minimizes pre- and post-heating processes and energy consumption. By incorporating such technology, manufacturers, product designers, and welders can enhance the entire manufacturing cycle. As a result, the growing need for smart resources is also boosting the global welding consumables market.
Demand from Automotive Industry to Propel Welding Consumables Market Expansion
One of the most fundamental and flexible ways to manufacture metals, welding has advanced tremendously in recent years. It is also a common technique for producing metal in many industries. For instance, welding is crucial in creating various engineering items, such as buildings, bridges, and pipelines. In light of this, the welding consumables market is in excellent shape to grow, with some high-potential regions seeing increased government investment in infrastructure development. The automobile industry also uses the market to produce lightweight, high-quality car parts.
Similarly, the beginning of numerous development and housing projects has boosted the building industry in developing nations like China, India, and South Africa. However, the need for renewable energy plant capacities, such as solar and wind farms, is expected to increase, which will likely be advantageous for the energy sector. Throughout the projection period, the development of pipe systems will also aid in the welding consumables market expansion. Therefore, key factors promoting the market expansion include industrialization, urbanization, rising Foreign Direct Investments (FDI), and technological advancements.
Raw Material Supply Volatility will Hamper Welding Consumables Market
Unpredictability in raw material prices is a major factor limiting the expansion of the welding consumables market. These consumables are produced using various raw materials, including steel, aluminum, graphite, and iron. In addition, shifting trade regulations, unbalanced supply and demand dynamics, erratic foreign exchange rates, and increased geopolitical risks influence price variations for these resources. It has a detrimental effect on manufacturers and raises the cost of producing consumables, pushing them to reduce profit margins to compete in the market. In addition, the lack of qualified welders is causing an increase in working accidents, which is limiting the industry's growth.
Furthermore, the retirement of seasoned employees and a lack of qualified workers are problems for the welding consumables sector. Construction, heavy engineering, and other industries that depend on welding suffer from this situation. The lack of skilled welders has an impact on other businesses. As a result, these limitations challenge the welding industry and restrict the welding consumables market expansion.
Solid Wires Category Dominated Welding Consumables Market due to Increased Use in End-use Industry
The packaged category held the largest welding consumables market share, and it is anticipated that it will continue to rule the market during the forecast period. Solid wires are extensively utilized in various end-use industries for metal inert gas (MIG) welding. The welding industry is currently concentrating on straightforward, affordable welding solutions to protect workpieces from the outside environment. A single line is crucial because it prevents oxidation. The copper plating on the mild steel solid wire increases conductivity and the weldment's lifespan.
Furthermore, due to the rising demand from numerous end-use industries, the flux-cored wires segment also retains a leading position. Due to its high deposition rate, effective job execution, and ability to produce strong and clean welds, this wire is anticipated to be the top choice for new entrants. Additionally, it is anticipated that the preference for cored wires in the shipbuilding and construction industries would raise demand for these wires globally.
Construction Category Dominated Welding Consumables Market due to High-End Construction Facilities
The construction category held the largest welding consumables market share, and it is anticipated that it will continue to rule the market during the forecast period due to the construction of high-end facilities like smart factories and Industry 4.0, as well as the widespread usage of robotic welding across many industries. Government initiatives for infrastructure development, the restructuring of ongoing residential and commercial projects, and greater foreign direct investment in established and developing nations contribute to the construction industry's rapid growth. Furthermore, a considerable pace of growth in the automobile industry is anticipated. It is caused by many variables, including the growing popularity of customized cars, the incorporation of robotic welding technology into automakers' production facilities, the development of sophisticated factories, and more.
Asia Pacific to Dominate Welding Consumables Market due to Existence of Established and Emerging Welding Industry
Over the forecast period, it is anticipated that the Asia Pacific welding consumables market will account for the largest revenue share due to established and emerging welding consumables businesses, most of which are based in China, India, and South Korea. Additionally, a significant inflow of capital and widespread usage of intelligent technologies, including robotic welding, drive the regional industry. Leading domestic companies in the manufacturing, construction, and technology sectors are investing abroad, according to the India Brand Equity Foundation (IBEF), which will support the market growth in the future. For instance, while Bharat Heavy Electrical Limited (BHEL) plans to sell its products to Syria and Vietnam, Larson & Turbo (L&T) is continuously investing in power equipment production.
North America welding consumables market is anticipated to experience stable revenue growth throughout the forecast period because these areas have large numbers of manufacturers. Additionally, businesses in these sectors are concentrating on technical advancements, aftermarket services, and higher expenditure on R&D activities, all of which are contributing to the market expansion. The considerable manufacturing capabilities of the industrial sector of the economy, together with automation in the automobile industry, are anticipated to fuel the need for welding consumables in the U.S. Forward integration is being used by several manufacturers, allowing them to sell their goods directly. For instance, two of the biggest producers and suppliers in the industry with forward-integrated operations are The Lincoln Electric Company and Illinois Tool Works, Inc.
Global Welding Consumables Market: Competitive Landscape
In September 2019, for a neat, high-quality welding process using stainless steel alloys and silicone preparation, Lincoln Electric introduced improved GTAW (TIG) cutting lengths. New items' manufacturing processes have been improved, which has reduced welding complexity and raised product quality. Similarly, in July 2019, the new Cut Master Black line from ESAB features consumables for plasma cutting that are more functional. By adding this feature, the lifespan of the welding wire and electrode that come with the portable air plasma cutting machine Cut Master 60i is increased by 60%.
A few of the players in the welding consumables market are Bavaria Schweisstechnik Gmbh, Carboweld Schweissmaterialien Gmbh, Colfax Corporation, Corodur Verschleiss-Schutz Gmbh, Daiko Welding Consumables, Dim Schweissmaterial Manfred Schuermann, Drahpo Gmbh, Drahtwerk Elisental W. Erdmann Gmbh & Co., Durum Verschleissschutz Gmbh, Elbor Spa, Fidat Srl, Fronius International Gmbh, Gedik Welding, Hermann Fliess & Co. Gmbh, Hyundai Motor Company (Hyundai Welding Co., Ltd.), Illinois Tool Works, Italfil Spa, Kjellberg Finsterwalde Group, Kemppi Oy., M.t.l. Metalli Trafilati Laminati Srl, Magmaweld - Oerlikon Kaynak, Migal. Co Gmbh, Nexal Aluminum Inc., Obara Group Inc., Oxford Alloys, Inc., Panasonic Corporation, Safra Spa, Sidergas Spa, Tewi Srl, Thyssenkrupp Ag (Vdm Metals International Gmbh), The Lincoln Electric Holdings, Inc., Tianjin Bridge Welding Materials Group Co., Ltd., Tysweld Gmbh, Valk Welding B.v., Voestalpine Ag, Wb Alloy Welding Products Ltd, and Welding Alloys Ltd.
Regional Classification of Global Welding Consumables Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Welding Consumables Market
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